Last night, August 27, 2014 the Market Basket shareholders agreed to sell 50.5% of the company to Arthur T. Demoulas for $1.5 billion. The decision FINALLY ended a 6 week walk-out and boycott of the popular grocery store chain.
If you are not familiar with this story, read about it in my post: "A Grocery Store Giant Self Destructs-Can Market Basket Survive"
Former CEO and now future owner of Market Basket, Artie T, released this statement:
"Effective immediately, Arthur T. Demoulas is returning to Market Basket with day-to-day operational authority of the company. He and his management team will return to Market Basket during the interim period while the transaction to purchase the Company is completed. The current Co-CEO's will remain in place pending the closing, which is expected to occur in the next several months.
All Associates are welcome back to work with the former management team to restore the Company back to normal operations.
The shareholders and the Company would like to thank Market Basket customers and partners for their strong support through the years. Our shared goal is to return Market Basket to the supermarket that its customers have come to rely on for service, quality and best prices. We look forward to seeing you at your local Market Basket."
History has been made! It is unheard of what the people have done here. Without a union....to organize the way they did....amazing!
It's inspirational to see people believe so strongly in their cause that they put everything on the line the way these employees did. And to see the customers rally together and boycott the store in such force is also inspiring.
I am very proud of all involved and so happy for the employees who return to work today, anxious to work hard to return their store to the success it once was.
We have our store back!!!
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